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I'm going to talk from the perspective of a founder, not a lawyer. I also live in California and your state laws might defer. I think if you are putting hours into your startup, you are also an 'employee' in addition to a founder. Your board (ie. your cofounders) can decide at any time that you...

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I would talk to the team at http://efabless.com Really helpful guys and they can get you an IC prototype for $100 - $10,000 They've built a lot of the smartphone IC's you see in mobile products today. If you're dealing with FCC part 15, give me a shout and I can help you navigate a bit.

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If I was you I would talk to those companies that have had great approach with retailers and learn from them. Some of this companies (not limit to this list) are: Reserve, Foursquare, Yelp, Density, Estimote Learn from them, maybe even partner with them

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